Russia - 05

Russia: Gazprom’s Setbacks and Rosneft’s Attacks Will Not Threaten Miller

Gazprom has experienced a string of high-profile setbacks in recent weeks. The monopoly’s negotiations with China and Turkey over two major pipelines, Altai and Turkish Stream, have hit roadblocks. Gazprom’s output declined 13% in the first half of 2015 to reach 205 bcm, with its revenues dropping in line with falling production and prices. In contrast to $150-170bn in recent years, Gazprom’s revenue in 2015 will hardly exceed $100bn, while profits will be close to zero and may well turn out to be negative.

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